Subrat Patra
23 July 2015 at 12:30
Hi,
We are a startup and just got incorporated (17th Jul'15). Me and my wife are the directors in the new company with a 1L capital. The company will provide online gaming solutions to enhance skills of individuals (primarily children) through a subscription based revenue model.
In order to start the operations we would need funds and hence will be appointing a 3rd Director (NRI friend) into the company. Once inducted we would look at a Loan from him which will be a convertible debt. An agreement will be executed highlighting the terms and conditions of the loan conversion to equity. The important one's being the following:
1. Interest rate of 9%
2. Tenure of 2 yrs
3. Conversion to happen when 2nd investor is wiling to invest
4. Valuation to be mutually agreed upon between Company & 2nd investor
5. Conversion to Equity @ Discount of 20%
Loan amount to come from his NRE/O account. He is also ok to transfer the balance fund directly to the company's account. The whole amount will come over a period of 3-6 months.
Pls suggest the most appropriate way of executing the whole transaction and the compliances involved.
Regards
Subrat
7866_mee
22 July 2015 at 20:23
Hi Experts,
Mine is a partnership firm. We are 3 partners. We would like to convert our partnership firm to Pvt.Ltd company for the following :
1. The funds i have got from my well wishers, i would like to return them with shares so that liability on my part is reduced and that would give them advantage to transfer their shares to some interested party or sell them back to my pvt.ltd . Which is possible ? is this a good move ? or should i have to first clear thier dues , close down the partnership and then as a fresh start open up pvt ltd company .....
2. i would be able to expect more funds for expansion from other ppl/VCs where currently i have to do temporary adjustments like borrowing from others or mortagaging gold etc.
3. As a director, can i freely put in funds in to the company and take out funds for self as i have been doing while in partnership firm ?
4. suppose i take goad loan or additional bank loan as temporary measure to accumulate funds to put in the company for operations/expansion . Will all the shareholders also be affected with this decision ?
4. what are the documents needed from my side to convert partnership to pvt ltd ?
5. what will be the cost of conversion ? how do i calculate how much it will cost me ?
Please help in clarifying. Your help is very much needed.
Thanks
Mohammed Uvais
Arjun Jaganathan
22 July 2015 at 13:01
My client is a registered Public Limited Company dealing in Lending loan & Receiving deposits.
Case:
My client states that he has lent Rs. 30,00,000/- (Rupees Thirty Lakhs only) to one XYZ person as "mortgage loan" by cash. The same is also registered by "Deposit of Title deed" which reflects my company name in the Encumbrance Certificate.
Question:
1. Can a Public Limited company lend loan by cash. If so is there any provision under law.?
2. Is there any limit under which a company is allowed to deal in cash. Is it a general rule that any cash transaction above 20,000/- should be dealt in Cheque/DD..?? or is there any specific Provision.??
s venkata ramana
22 July 2015 at 12:43
Dear Sir/ Madam.
I S. Venkata Ramana, have completed my LLB from Andhra University . Before LLB I have done MBA in Human Resource and now I was working one Manufacturing industry . Now I would work in government organization and I would to know what the scope of getting the government. Is it is need to work with any Law Forum if so, please Help/suggest me one of the known Law forum for.
V Naga Prasad
21 July 2015 at 15:09
Respected Sir,
I am V Naga Prasad, doing audit and looking & verifying the payment vouchers of the companies.
Kindly provide your valuable suggestions in the below mentioned points :-
1. Some Employees cash salaries are paid above Rs.5000 without affix the revenue stamp on the voucher, but taken the signature from the employees on the petty cash payment voucher. It is Valid or not...?
2. Is there any option to those employees
can says that "Salary not received from the company" due to lack of the revenue stamp on the voucher...?
3. Can we prove the vouchers and signatures are valid and payment made to the employees are correct or not...?
Kindly advise.
knowledgeminds
21 July 2015 at 13:17
Hi everyone
If in a company's balance sheet as on 31/03/2013 & 31/03/2014 money is reflected under the head Current Liabilities as share application money due for refund.
Neither the company has allotted the shares nor has refunded the money, as per the companies act 2013 it will be categorized as deposits. The company hasn’t filed DPT-4 and hasn’t repaid the same till June 2015.
Kindly let me know the process to comply with Companies act 2013.
Goutam
20 July 2015 at 12:19
Sir,
I have accepted bond in company's letter head not stamp paper for 2 years but now I decided to resign then employer told pls pay as per bond 50% of CTC. My query is if any valid for legal this bond, company will hold Gratuity or not.
Gaurav Pawar
20 July 2015 at 03:03
Dear Sir,
I am planning to develop a land in joint venture. There would be residential & Commercial (IT TOWERS) as well which we are going to lease out on long term basis. The ratio would be 40% to land owners & 60% for myself. I have decided to take the land owners in company as director & share holders. In such condition my question is 1) Can we take the land as the company asset,
2) Can I save stamp duty by doing so?
3) how can I have total control as whole & sole of the property to avoid any further litigation or issues in future
4)how can we make our stakes safe from both the sides
Kindly guide me & also suggest the best advice you can. Thanks & Regards
Anonymous
19 July 2015 at 20:52
I am a 40% shareholder and director of a family business. My brother and his wife have 40% shares and our sister has 20% shares. We were 3 directors initially. My brother his wife and myself. Now my sister is also a director. He hence we are 4 directors. My brother is MD. As he and my sister are 60% shareholders they are over ruling all my decisions. They want we out and offering me amount as per valuation of the company. But refusing to walk out when the same offer propotionate to their share is offered to me. As MD he does whatever he wants. I asked that 2 signatures on cheques with one signature of mine. I have known that he is putting false bills and taking kick backs from suppliers.
1.Can I have equal power?
2.Can there be 2 mds in the co?
3. Can I insist my signature on all cheques and all decisions?
As nothing is told to me. I had full faith in him and signed all documents. I use to look after sales and quality.
Pl guide me.
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